BYD and Grenergy reach the world's largest energy storage cooperation, with an investment of US$1.4 billion

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BYD and Grenergy reach the world's largest energy storage cooperation, with an investment of US$1.4 billion

Posted Date: 2024-01-17

BYD and Spanish company Grenergy recently announced a purchase agreement for the Oasis de Atacama energy storage project in Chile. This project is considered one of the largest energy storage projects in the world, with a planned total installed capacity of 4.1GWh, and is accompanied by a 1GW photovoltaic project, with a total investment of US$1.4 billion (approximately RMB 10.057 billion).

According to the agreement, BYD will provide 2,136 sets of MC Cube energy storage equipment for the project. These devices use blade batteries and CTS technology to significantly reduce the number of parts, improve space utilization, and enhance structural strength. Therefore, this energy storage device is suitable for different application scenarios such as industrial and commercial energy storage and power station-level energy storage.

BYD stated in its annual report that the "BYD Rubik's Cube" is a new generation energy storage system they developed in order to occupy the first share of the global energy storage market. The system has the advantages of ultra-high capacity density, ultra-safety, ultra-long life and ultra-low cost.

Currently, the construction of new power systems is accelerating, various energy storage policies are gradually becoming clearer, business models are gradually maturing, and BYD is also accelerating its energy storage project layout. As of 2022, BYD's energy storage products have spread across 6 continents, more than 70 countries and regions, covering more than 400 cities. Cumulative shipments exceeded 6.5GWh, and the total global energy storage orders exceeded 14GWh.

By 2023, BYD will further accelerate its deployment in the energy storage market, reaching cooperation with companies such as State Power Investment Corporation, Lianke Xihe and Zhongcheng Dayou, and winning bids for more than ten energy storage system projects. At the end of the year, BYD changed the name of Shenzhen Pingshan Fudi Battery Company to Shenzhen BYD Energy Storage Co., Ltd. and expanded its business scope to include energy storage technology services and intelligent power transmission and distribution and control equipment sales.

According to data released by BYD in January this year, by 2023, their total installed capacity of power batteries and energy storage batteries will reach 150.909GWh.

However, the current global energy storage system market is increasingly competitive, and segmentation aspects such as product quality, market positioning and brand strength have become more important. Therefore, BYD needs to continuously improve product quality and establish brand image to cope with the pressure of market competition.

Review Editor: Huang Fei

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